Join our daily newsletter At The Bell to receive exclusive market insights
- Heavy Minerals (HVY) awards its Port Gregory scoping study (PGSS) and preliminary economic assessment (PEA) contract to IHC Mining after a competitive tender process
- The company says the PGSS and PEA are expected to kick off in early May, with delivery slated for the third quarter of 2022
- Heavy Minerals says IHC Mining was an industry leading mineral sands engineering consulting firm with more than 100 years of mineral sands and execution experience
- IHC Mining worked on RDG’s Lucky Bay garnet mine during the past 2.5 years and was expected to apply learnings from Lucky Bay to Port Gregory, according to Heavy Minerals
- HVY shares steady at 24.5 cents
Heavy Minerals (HVY) has awarded its Port Gregory garnet project scoping study (PGSS) and preliminary economic assessment (PEA) to IHC Mining after a competitive tender process saw three mineral sands engineering firms bid for the contract.
The company said the PGSS and PEA were expected to kick off in early May, with delivery slated for the third quarter of 2022.
Heavy Minerals said IHC Mining was an industry leading mineral sands engineering consulting group with more than 100 years of mineral sands and execution experience.
IHC Mining engineers worked on Resource Development Group’s (RDG) Lucky Bay garnet mine project during the past 2.5 years and Heavy Minerals said they were expected to apply learnings from Lucky Bay to Port Gregory.
“Heavy Minerals is entering an exciting phase on the pathway to developing the Port Gregory garnet project,” Executive Director and CEO Nic Matish said.
“Given IHC Mining’s expertise in the area, partnering with them at this stage of our development will extract maximum value from the project for shareholders.”
Multiple scenarios will be considered in the PGSS and PEA in order to provide Heavy Minerals with optionality to maximise net present value of the project, including varying production profiles.
The Port Gregory project in Western Australia’s Mid West region contains an identified exploration target estimated to range between 170 million tonnes and 250 million tonnes grading 3.5 per cent to 4.5 per cent THM at 46 per cent garnet.
HVY shares were steady at 24.5 cents at 11:24 am AEST.
